How does Equity Release in Nottingham work?
The reason people opt for an Equity Release is to turn the equity that is in their home, into a lump sum of cash.
Once you have released this money, you are able to use it for pretty much everything, with common options including to pay off an existing mortgage payment, to pay off any unsecured debts that may have built up over time, to fund any potential home improvements or modification, as well as to pay for any planned holidays, car payments and things like that.
Helping You Find The Value in Your Property!
Equity Release will most likely be presented in the form of a Lifetime Mortgage.
The way that this works, is either once you have reached the end of your mortgage term or even if there are still repayments left, you have the option to release your equity through a Lifetime Mortgage. Providing this is your main residence, you will be able to take this mortgage out, selecting a portion of the equity for future family inheritance, if this is something you’d like to do.
You have the option to make monthly payments back to lender, however a popular choice with homeowners is to simply let interest stack-up. The loan only becomes repayable once you die or have to move into long-term care, being declared unfit to live on your own.
Things to Remember with Equity Release
When looking at this for a mortgage option, it’s important to remember a few things. First of all, you have to be at least 55 years old to qualify. Your age, as well as the value of the property can have an effect on how much you are able to withdraw from your properties equity.
For additional Mortgage Advice in Nottingham regarding Equity Release, you may benefit from seeking the advice of a Specialist in the field. Please Get in Touch with a Mortgage Broker in Nottingham and we will see how we are able to guide you.
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